Centurion Newsletter-March 24, 2009

This edition of the Centurion Newsletter is based on InStyle Editor, Special Issues, Rosie Amodio's presentation to Centurion 2009 attendees, entitled Beyond The Ring, where she provided ideas and information on how to maximize the relationship and business opportunities for jewelers after a couple is engaged. Rosie Amodio is also editor, http://www.instyleweddings.com/

Rosie Amodio

Beyond the Ring
It Starts With a Ring
• There are two million engagements each year
• Brides are also buying: Watches are the #1 groom’s gifts
• Most couples, however, don’t return to the bridal jeweler when making future purchases
Additional Gift Giving Occasions
• “Push Presents”/New Mom Gifts
o There are four million opportunities each year
o The tradition is growing in popularity and retailers are taking notice -- some even have registries for push presents
o Over half of women say they want a gift when they give birth
o Celebrities are leading this trend
• Vow Renewals
• Weddings Jewelry Upgrades
• Anniversaries
• This is a huge jewelry market to tap into
Introducing the New 4 C’s: To help leverage that initial relationship into a lasting one
Customer Service
• Revitalize the in-store experience
• Have inspiration on hand (magazines, internet access, etc)
• Create an in-depth customer profile, take their picture
• Offer promotions for ring cleaning at 1st anniversary, etc
• Make insuring simple and easy
• Consider their budget
Communication
• Create a Facebook page, include your clients
• Send cards for occasions throughout the year
• Be their reminder for important dates (birthdays, anniversaries)
• Offer special promotions during a birthday or anniversary month
• Create an e-newsletter with links, ideas and promotions to keep customers ‘warm’
Collaboration – with media/ad partners for more impact
• Take advantage of all value-added / merchandising opportunities partner offers
• Tap into partners’ subscriber lists for quick e-blast / newsletters for reminder messaging
• Feature tear sheets / issues of editorial mentions
• Consider partnerships with fashion designers, retailers to communicate the ‘complete look’
Celebrity
• Stay in tune with celebrity trends
• Research/share similar styles within the customer’s budget

Volume 8, Number 3, March 12, 2009

Creating The Best Relationship

You’ve Ever Had with Your Banker

And Getting The Financing

You Need for Your Business

Speaker Gary Gordon

TUCSON, AZ--CPA and veteran jeweler Gary Gordon shared his financial insights step-by-step for retailers at the Centurion show on January 31. His purpose was to teach fellow retailers how to work with their bankers so their financing requests are met – and even exceeded. Gordon is a third generation jeweler and runs 104-year-old Samuel Gordon Jewelers, Oklahoma City, OK.

Gordon talked retailers through reports, financial statistics and strategies developed over years of practice, many of which are considered daring by some retailers.

“The whole spirit is that you can get away more with honey than you can with vinegar,” said Gordon. “If you give your banker more information than they ask for and pay them faster than what they ask for, then they are much, much more inclined to be on your side.”

He also explained how retailers could create a summary of monthly financial activity to better work with bankers; how to always put their best financial foot forward with honesty and integrity; when to give their banker more information; and the simple tests that a bank performs – and a retailer can perform – to let them know where they stand.

“Retailers tend to treat their bankers like they’re playing a game of poker,” continued Gordon. “We want to eliminate that ‘us against them’ feeling, to get them on our side, to meet the needs of our business.”

Gordon offered many his own personal techniques in the seminar that have worked for him over the years to build a solid and beneficial relationship with his banker. The attendees of the seminar responded well, and many stayed later to approach Gordon with more questions.

Gordon said that he could tell some were hesitant about his techniques but still very interested in how they work, and walked away with quite a bit to think about. The bottom line, he said, is to get the banker to want to help you. To do this, you have to help them.

7 Forms Available for $25 Donation to Jewelers For Children
You can get the seven special financial forms Gordon uses to ensure the best possible relationship with his banker. Click the headline to this paragraph to get the form to make a $25 donation to JFC and fax it to Centurion at 413-683-1333. Centurion will mail you the forms. Those contributing up to $125 will receive the forms as well as a phone consultation with Gordon. Gordon has served on the Board of JFC, and was Chairman of the Jewelry Information Center.

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The Centurion What Jewelers Think email newsletter is published to benefit higher-end retail jewelers, designers and manufacturers of fine jewelry and watches. The newsletter is edited by Howard Hauben and contributors include Gary Gordon, Denise Mignone, Jeff Pierce, Caroline Stanley, John Von Bargen, Steve Yenco, Natalie Zacharia and others. To OPT Out, please email hh@centurionjewelry.com and put Opt-Out in the subject line.